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Enforcement Notice - Decision - OSC Issues Decision on Review of IIROC's Liability and Sanction Decision for Former First Leaside CFO Brian Michael Sutton

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Enforcement Notice - Decision - OSC Issues Decision on Review of IIROC's Liability and Sanction Decision for Former First Leaside CFO Brian Michael Sutton

Canada NewsWire

Sanctions include fines and suspension

TORONTO, Aug. 15, 2018 /CNW/ - The Liability Decision of a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Brian Michael Sutton dated July 5, 2017 and the Sanction Decision dated January 31, 2018 were reviewed by the Ontario Securities Commission on June 28, 2018.

The OSC released its decision on August 14, 2018, and made the following Orders:

1)

Sutton's approval as a CFO with an IIROC dealer member firm is prohibited for a period of three years;

2)

Sutton shall pay a $50,000 fine to IIROC; and

3)

Sutton shall pay costs in the amount of $50,000 to IIROC.

 

The OSC's decision is available at: http://www.osc.gov.on.ca/en/Proceedings_enr_20180815_suttonb.htm

The IIROC Hearing Panel's liability decision, dated July 5, 2017, is available at:
Sutton (Re), 2017 IIROC 35

The IIROC Hearing Panel's sanctions decision, dated January 31, 2018, is available at:
Sutton (Re), 2018 IIROC 03

Documents related to ongoing IIROC enforcement proceedings – including Reasons and Decisions of Hearing Panels – are posted on the IIROC website as they become available. Click here to search and access all IIROC enforcement documents.

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IIROC is the national self-regulatory organization which oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian debt and equity marketplaces.

IIROC investigates possible misconduct by its member firms and/or individual registrants. It can bring disciplinary proceedings which may result in penalties including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.

All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website. Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by IIROC-regulated firms is available free of charge through the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News

View original content: http://www.newswire.ca/en/releases/archive/August2018/15/c4872.html

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